Equity Release & Lifetime Mortgages

Mortgage solutions for clients aged 55+ to access cash locked in the value of their home or pay off their existing mortgage.

Unlock Financial Freedom in Later Life with Equity Release. Whatever financial freedom means to you - renovating your home, paying off an interest-only mortgage, or helping your children - equity release is designed to make it happen.

At Confido, we don’t employ sales staff. Our experienced, independent advisers will provide you with clear, unbiased information. We are not tied to any equity release provider so we can help you make an informed decision that’s right for your particular needs. Our advisers are highly qualified and hold the relevant qualifications and memberships from the bodies that regulate equity release. Confido Financial are trusted lifetime mortgage experts here to give you specialist information and advice that’s tailored to your needs. We’re here to make a lifetime mortgage as transparent as possible, supporting you every step of the way.

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How Can We Help?

Equity release is a financial product that allows homeowners to unlock the value tied up in their property. This option is particularly appealing to those who wish to access cash from their home’s value without having to sell or move. Essentially, ‘equity’ refers to the portion of your property that you own outright, and through equity release, this equity is converted into a cash payment. The payment can be received either as a lump sum or as regular income, providing flexibility to suit different financial needs. By utilizing equity release, homeowners can leverage their property’s value to meet immediate financial goals or enhance their quality of life during retirement.

Is Equity Release Right for Me?

Deciding whether equity release is suitable for you requires careful consideration of your financial situation and future plans. It’s a significant decision that involves assessing various factors, including your current income, savings, and long-term financial objectives. Equity release can offer immediate financial relief and enhance your lifestyle, but it’s crucial to understand all the implications. Consulting with financial advisors and discussing your options with family members can help ensure that you make an informed choice. It’s important to gather comprehensive information and consider both the benefits and potential drawbacks before proceeding with an equity release plan.

Will Equity Release Create Future Problems for My Family?

One common concern regarding equity release is its impact on your family’s future inheritance. Historically, some equity release products resulted in negative equity, where the debt exceeded the property value, potentially leaving a financial burden on heirs. However, today’s market is heavily regulated, and plans that adhere to Equity Release Council guidelines protect against this risk. These modern plans ensure that you or your family will never owe more than the property’s value when it is sold. Nevertheless, equity release does reduce the value of your estate, meaning less will be left for your beneficiaries. Therefore, involving your family in these discussions is essential to align everyone’s expectations and make the best decision for your circumstances.

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FAQs

Equity release is a financial product that allows homeowners aged 55 and older to access the equity tied up in their property. It typically involves taking out a loan. The loan is repaid, along with accrued interest, from the proceeds of the property sale when the homeowner passes away or moves into long-term care.

Eligibility for equity release generally requires the homeowner to be aged 55 or over and own a property in the UK that meets specific valuation criteria. The property should be in good condition and freehold or leasehold with a remaining lease term of at least 75 years. Additionally, lenders may consider factors such as the property’s location and the homeowner’s health and financial status.

Equity release can provide retirees with a tax-free lump sum with or without a drawdown facility, allowing them to supplement their retirement income, fund home renovations, pay off debts, or support family members financially. It enables homeowners to access the value of their property without having to sell or downsize, providing financial flexibility and peace of mind in retirement.

While equity release can offer financial freedom, it is essential to consider the potential risks. These may include:

Accrued interest leading to a reduction in inheritance left for beneficiaries.
Possible impact on means-tested benefits or entitlements.
Long-term effects on property value.
Early repayment charges or penalties for repaying the loan ahead of schedule.

Deciding whether equity release is suitable for your circumstances requires careful consideration and professional advice. Before proceeding, it is advisable to:

Seek independent financial advice from a qualified adviser specialising in equity release.
Discuss your financial goals, needs, and concerns with your family members or beneficiaries.
Compare different equity release products, including their features, costs, and repayment options.
Consider alternative options such as downsizing, accessing other sources of income, or seeking government benefits or grants.

This is a lifetime mortgage. To understand the features and risks, please ask for a personalised illustration. Check that this mortgage will meet your needs if you want to move or sell your home, or you want your family to inherit it. If you are in any doubt, seek independent advice. Our processing and administration fee is up to a maximum of £995. However, our typical fee is £995.00, payable should you ask us to arrange your mortgage, this is payable on completion for our service in relation to lifetime mortgage contracts.